The surge in the omicron variant is causing forecasts for 2022 to be changed.
The surge in the virus we are currently experiencing is causing forecasts for Real GDP growth to be lowered. The rise of the omicron variant is driving a rapid rise in the infection rate across the country. While this variant appears to spread much more rapidly than the delta variant and may be less deadly, it is causing illness and disruptions to economic activity. This was the case this past week in the airline industry. Thousands of flights were cancelled as the airlines were not able to staff due to illness of employees.
PROBANK AUSTIN ADVISOR - DECEMBER 27, 2021